Value Chain

Incumbents And/Or Public Companies With >$1b Market Cap/ Valuation

Industry Value Chain

Incumbents And/Or Public Companies With >$1b Market Cap/Valuation*

Raw Materials

Materials Processing

Cell Component

Cell Manufacturing

System Assembly

Recycling

Lithium

Lithium Chemical

CAM

Cell

Vehicle OEMs

Recycling

Nickel Chemical

AAM

Nickel Cobalt Chemical

Energy Storage Cobalt

pCAM

* estimated as of December 2023

Electrolyte & Separator

Extracted from the PDF; charts and images may read imperfectly.